TRRIX vs. JEPI

Last updated Jun 13, 2026

TRRIX (T. Rowe Price Retirement Balanced Fund) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - TRRIX is a Diversified Portfolio fund managed by T. Rowe Price, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, TRRIX returned 4.83%/yr vs 7.45%/yr for JEPI. A 0.72 correlation means they provide meaningful diversification when combined. TRRIX charges 0.49%/yr vs 0.35%/yr for JEPI.

Performance

TRRIX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Balanced Fund (TRRIX) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRIX achieves a 4.46% return, which is significantly higher than JEPI's 1.29% return.

TRRIX

• 1D: 1.04%
• 1M: 0.03%
• YTD: 4.46%
• 6M: 5.00%
• 1Y: 11.14%
• 3Y*: 10.52%
• 5Y*: 4.83%
• 10Y*: 6.61%

JEPI

• 1D: 0.43%
• 1M: 0.90%
• YTD: 1.29%
• 6M: 1.18%
• 1Y: 7.58%
• 3Y*: 9.13%
• 5Y*: 7.45%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TRRIX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TRRIX T. Rowe Price Retirement Balanced Fund	4.46%	11.02%	9.96%	11.57%	-13.16%	8.63%	16.20%
JEPI JPMorgan Equity Premium Income ETF	1.29%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between TRRIX and JEPI is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.72

The correlation between TRRIX and JEPI shifts across timeframes, from 0.62 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRRIX vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TRRIX

TRRIX Risk / Return Rank: 67
TRRIX Sharpe Ratio Rank: 66
TRRIX Sortino Ratio Rank: 69
TRRIX Omega Ratio Rank: 72
TRRIX Calmar Ratio Rank: 60
TRRIX Martin Ratio Rank: 65

JEPI

JEPI Risk / Return Rank: 28
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 29
JEPI Omega Ratio Rank: 28
JEPI Calmar Ratio Rank: 27
JEPI Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TRRIX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Balanced Fund (TRRIX) and JPMorgan Equity Premium Income ETF (JEPI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRRIX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.95	+0.94
Sortino ratio: Return per unit of downside risk	2.74	1.42	+1.31
Omega ratio: Gain probability vs. loss probability	1.37	1.17	+0.20
Calmar ratio: Return relative to maximum drawdown	2.43	1.14	+1.29
Martin ratio: Return relative to average drawdown	10.06	3.46	+6.60

TRRIX vs. JEPI - Sharpe Ratio Comparison

The current TRRIX Sharpe Ratio is 1.89, which is higher than the JEPI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of TRRIX and JEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRRIX vs. JEPI - Drawdown Comparison

The maximum TRRIX drawdown since its inception was -27.77%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for TRRIX and JEPI.

Drawdown Indicators

	TRRIX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-27.77%	-13.71%	-14.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-6.68%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-13.26%	+7.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-13.71%	-4.42%
Max Drawdown (10Y) Largest decline over 10 years	-18.57%	—	—
Current Drawdown Current decline from peak	-0.95%	-3.75%	+2.80%
Average Drawdown Average peak-to-trough decline	-2.83%	-2.13%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	2.20%	-1.04%

Volatility

TRRIX vs. JEPI - Volatility Comparison

T. Rowe Price Retirement Balanced Fund (TRRIX) has a higher volatility of 2.45% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.05%. This indicates that TRRIX's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRIX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	2.05%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	5.24%	6.23%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	8.02%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	11.08%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.24%	10.79%	-3.55%

TRRIX vs. JEPI - Expense Ratio Comparison

TRRIX has a 0.49% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

TRRIX vs. JEPI - Dividend Comparison

TRRIX's dividend yield for the trailing twelve months is around 4.68%, less than JEPI's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%
TRRIX T. Rowe Price Retirement Balanced Fund	4.68%	4.86%	5.78%	4.32%	10.15%	12.67%	9.27%	3.39%	7.01%	5.07%	3.40%	3.44%

Frequently Asked Questions

Can I hold both TRRIX and JEPI in my portfolio?

TRRIX and JEPI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRIX or JEPI?

TRRIX has higher volatility (2.45%) compared to JEPI (2.05%). In terms of maximum drawdown, TRRIX dropped -27.77% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

TRRIX currently has the higher Sharpe Ratio (1.89 vs 0.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.